(VOVworld) – Greece took a step back from the abyss on Monday with the presentation of new budget proposals that Eurozone leaders welcomed as a basis for a possible agreement in the coming days, to unlock frozen aid and avert a looming default. Eurozone finance ministers will meet on Wednesday to review the proposals before their submission to EU leaders at the EU Summit on Thursday and Friday.
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| Leaders of Greece’s creditors – the EU, ECB, and IMF – met to discuss strategy before Monday's summit. |
Greece’s proposals are believed to have met 90 per cent of its creditors’ requirements. Athens offered to set its VAT tax rate at 23 per cent and a progressive tax rate at 8 per cent on people whose incomes range from 12,000 to 500,000 EUR. EU President Donald Tusk said that Greece’s creditors – the EU, the European Central Bank, and the IMF – were reviewing Greece’s proposals.